________: the area above the market supply curve and below the market equilibrium price
Fill in the blank(s) with correct word
Producer surplus
You might also like to view...
Marxists and leaders of communist economies actually often admire the market mechanism for its
A. efficiency in allocation of resources. B. fairness in distribution of output. C. maximization of net benefits for consumers. D. effectiveness in achieving high rates of growth.
Table 17.1 YearReal GDPPopulation1$575 billion22 million2$580 billion24 million3$605 billion25 million4$606 billion27 millionRefer to Table 17.1. This economy grew
A. Fastest in year 4. B. At the same rate every year. C. Fastest in year 3. D. Fastest in year 2.
If planned spending exceeds planned output in an economy, the result is a(n) _____
Fill in the blank(s) with the appropriate word(s).
The payment for current rather than future command over resources is
A. an implicit cost. B. interest. C. opportunity cost. D. an implicit benefit.